”I think he’s done a horrible job and I think that will continue,” Faber told Bloomberg. “I think he is a dishonest person, and nothing has changed… Some politicians are more honest than others. I don’t think that I have a very high regard for politicians, I have a high regard for businessmen and for people who work, and not for people who abuse the system continuously. And in comparison to other politicians, I think he came in on a platform as a president that would want to change the government in Washington, and actually he’s made it worse.”

Faber, who has correctly predicted a number of economic downturns in the past, went on to differentiate between Obama and his predecessor, former President George W. Bush. “We foreigners, we just laugh at someone like Mr. Obama. I was very critical of Mr. Bush, but at least he had one line and he stuck to that line, and at least he set out to do a thing and he was relatively straight on that thing that he did. He may have been wrong and I criticized him very frequently, but at least he didn’t change his mind continuously, and didn’t prostitute himself.”

When asked what he believes would be a better economic policy, Faber stated that the U.S. president needs to “tell the U.S. you have to tighten your belts.”

“We have to go through hard times for five years to repair the damage that was committed over 20-25 years by the Federal Reserve, by the Treasury, by the politicians, and somebody has to tell the truth,” he said. “But the politicians keep on fueling the illusion that you can spend yourself out of the misery, and that by printing money you will improve the economy, which is not the case.”